Categories: Analysis

MONERO PRICE MOVES $39 TESTING $100 RESISTANCE LEVEL

A major take away after 25.10.2017 trading was how Monero price charged up. In fact alt coin Monero was up $39 with highs of $120 as the candlestick closed. Let’s review price action of other alt coins as it happened yesterday:

ALT COIN LSK PRICE ACTION ANALYSIS

LSKUSD Daily Chart for 26.10.2017

Two technical developments to support further LSK appreciations are present on the chart. Other than the clear double bar reversal and bullish engulfing pattern, notice that bullish divergence forming relative to the stochastics. On 09.10.2017 and 24.10.2017, alt coin LSK prices tested $4.2 but then stochastics were moving higher. I expect a LSK rally and sustained price action above the resistance trend line towards our first bull target at $6.5.

ALT COIN DASH PRICE ACTION ANALYSIS

DASHUSD Daily Chart for 26.10.2017

Even though there is a strong stochastic buy signal and alt coin DASH prices managed to break above the 20 period MA on 24.10.2017, it is now 10 trading days of DASH prices trending and closing below the 20 period MA. That is our resistance line and it is important for DASH bulls to close above $310 if there is any chance of a DASH rally. If it does, then DASH bulls should enter long and aim for $330, our upper limit of the current consolidation channel.

ALT COIN IOTA PRICE ACTION ANALYSIS

IOTUSD Daily Chart for 26.10.2017

Unlike Tuesday when alt coin IOTA moved $0.13, 25.10.2017 IOTA price movements were limited within a $0.05 range. As a matter of fact, alt coin IOT corrected 20% and oscillated in the upper range of Tuesday’s break out.  Historically, similar set ups have always portrayed similar trends. More often than not, following a break out accompanied by large price swings, the new trend is not confirmed immediately. Rather, price first corrects and confirms the break out trend in coming sessions. We expect the same with alt coin IOTA prices going forward. For now though, notice the diverging %k and %d of that stochastics buy signal. Momentum is high and if prices continue to stay above 20 period MA and the resistance trend line, then IOTA bulls are in charge. Our first bull target remains at $0.65

ALT COIN MONERO PRICE ACTION ANALYSIS

Monero Daily Chart for 26.10.2017

Alt coin Monero price is in consolidation mode and ranging within a tight $20 channel. By close of yesterday, Monero price  moved $39 and ended up as an inverted hammer with a very long upper wick. USD bears hit a high of $121, $20 more than our initial bull target of $100. As per my recommendation, Monero bulls had their take profits hit and today again, they can look to enter long since there is a stochastics buy signal in place.  Surprisingly, Monero bulls are finding it hard to close above the 20 period MA and this has been the case for the past 8 trading days.

ALT COIN NEO PRICE ACTION ANALYSIS

NEOUSD Daily Chart for 26.10.2017

NEO prices are pretty much stuck within Tuesday’s $10 range. As  long as there is no NEO price dip below $24, then NEO bulls should be in charge. With all things constant $28-$30 range is a wonderful buying zone. The resistance trend line and the 20-period MA resistance zones is a real barrier for NEO bulls. Other than that strong break out on 24.10.2017,yesterday’s NEO bulls participants dropped sharply closing at $28. We had previously mentioned that this price level is perfect for buyers to jump in and aim for $40 which is our first bull target.

All charts courtesy of Trading View

 

MONERO PRICE MOVES $39 TESTING $100 RESISTANCE LEVEL was last modified: October 26th, 2017 by Dalmas Ngetich
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